Category Archives: Taxes

This year, the IRS and Congress have unveiled tax reform, some of which is permanent, and some is temporary. Decisions you make this year could affect what happens when some of the reforms expire in 2025. Take a look at the below guide to help you and your tax consultant plan for Tax Day 2018. 2018 Permanent Read More

The Tax Cuts and Jobs Act (TCJA) enacted many changes that affect individual taxpayers. With regards to tax breaks for higher education, the TCJA brought few changes, merely tweaking existing provisions. An experienced tax accounting firm can help you understand if the TCJA changes your tax situation. Check out the key details of education-related tax breaks for the Read More

The number one reason most organizations avoided forming a C Corp – double taxation – is (thanks to the Tax Cuts and Jobs Act) now essentially off the table. The permanent installation of a flat 21% federal income tax came into effect for tax years beginning in 2017. It applies uniformly to PSCs which, prior Read More

The recent passage of the sweeping tax overhaul has left many businesses and entrepreneurs trying to figure out how the changes will affect them. Specifically, the Tax Cuts and Jobs Act approved by congress late last year has them wondering whether they should structure their business as a C Corp or a pass-through entity. What Read More

Summer jobs give children the opportunity to make some cash and can help them develop effective communication and teamwork skills, self-discipline and confidence. Hiring your child to work as an employee in your business offers tax benefits and changes in the tax law that have been made by the Tax Cuts and Jobs Act (TCJA) Read More

The Tax Cuts and Jobs Act of 2017 left many of us with a lot of unanswered questions and uncertainty. Tax Partner, Bernadette Mashas, has been out educating our business community on the potential impact these changes could have on their businesses. Download a copy of her presentation below and contact our offices should you Read More

In December 2017, President Trump signed the most comprehensive tax reform bill since 1986. The Tax Cuts and Jobs Act of 2017 makes significant changes to the tax filings for individuals and businesses. For personal filings, the individual maximum tax rate has been reduced to 37 percent from 39.6 percent. At the same time, personal Read More

The new Tax Act that was signed into law in late 2017 includes many changes for individual taxpayers. Most of these changes have taken effect for income earned beginning January 1, 2018. Here’s what you need to know about the most important changes: Tax Act Changes Affecting Individual Taxpayers New Rates and Brackets For income Read More

Under the new tax reform bill, there are many changes that will affect most individual taxpayers. The most prominent changes include new tax brackets and rates and changes to popular deductions. Here is a review of some of the less conspicuous changes: Changes of the New Tax Reform Bill Affecting Individuals ACA Penalty The new Read More

IR 2018-32 In an Information Release, IRS has announced that in many cases, taxpayers can continue to deduct interest paid on home equity loans under the recently enacted Tax Cuts and Jobs Act (PL 115-97, 12/22/2017). Background. Taxpayers may deduct interest on mortgage debt that is “acquisition debt”. Acquisition debt means debt that is: Secured Read More